After losing the bid for MySpace to their arch rival Google, Microsoft has teamed up with Facebook in order to display their ads on their site.

(Reuters) – “We believe that the combination of Microsoft and Facebook strengths will be incredibly attractive to advertisers as they forge more meaningful connections with one of the largest, most engaged audiences on the Internet,” Steve Berkowitz, senior vice president of the Online Services Group at Microsoft, said in a statement.

Facebook currently boasts around 8 million members and should provide some nice pocket change for both companies, although no details were revealed on how much Facebook will receive for displaying MS ads.